Ariana Resources (AIM:AAU), the gold exploration and development company with project interests across Africa and Europe, said its Tavşan mine in Türkiye has completed ramp-up and is now loading ore onto its heap-leach pads at the target rate of 4,000 tonnes per day.
Ariana holds a 9.9% stake in Zenit Madencilik San. ve Tic. A.Ş., the operator of Tavşan, and the update covers progress at the operation over the past six months.
Around 350,000 tonnes of ore are currently under leach, with gold recovery running at the operationally expected level of about 70% through the adsorption-desorption-recovery circuit.
"We remain very pleased with the progress being maintained at the Tavşan Mine," said Dr Kerim Sener, Managing Director, adding that the heap-leach "is performing as expected."
Mining continues across two open pits, with a strip ratio averaging 2.3 for 1.6 million tonnes of ore processed to date, and new diamond drilling is being assessed for potential pit extensions.
Separately, Zenit has transferred its Kiziltepe Sector interests into a standalone legal entity via an in specie distribution to shareholders, ring-fencing Tavşan's profits within Zenit and enabling Kiziltepe to be dealt with independently.
Ariana is now working towards selling its resulting 9.9% Kiziltepe stake to Proccea Construction Co., a move it says would simplify its Turkish interests and cut future financial exposure to the legacy asset.
News Intelligence what this means for the company
Ariana's 9.9%-owned Tavşan mine in Turkey has completed ramp-up and is now loading ore at its 4,000-tonne-per-day target, with 350,000 tonnes under leach and gold recovery at the expected ~70% level. Separately, Zenit has ring-fenced Tavşan's profits by spinning Kiziltepe into a standalone entity, and Ariana is pursuing a sale of its resulting 9.9% Kiziltepe stake to Proccea Construction to simplify its Turkish exposure—a move that reduces future financial drag from the legacy asset but does not materially alter Ariana's cash position or near-term value drivers.
Tavşan's on-target ramp-up validates Ariana's minority-stake strategy and removes execution risk from one of its Turkish assets, but the 9.9% holding limits upside capture. The Kiziltepe divestment, if completed, will trim legacy liabilities; the real catalyst remains the Dokwe DFS due in Q1 2027, which will determine whether Ariana's A$53m pro-forma cash position is sufficient to fund development of its 100%-owned flagship project.
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